Began career at Magnitogorsk Iron& Steel mill in 1967, becoming general director in 1998. Next year, defended his plant from a takeover attempt. Rashnikov kept his mill, but since then Magnitogorsk has been on the defensive. Unlike directors of other steel mills Rashnikov hasn't bought coal fields or plants abroad, but instead used financial resources to gain total control of the group: bought a 17.8% stake in the company from the Russian Government in December 2004 and purchased the remaining 15.3% from the shareholders of Mechel steel group. Ironically Rashnikov stepped down as chief executive in February 2004, relinquishing day-to-day duties, and became chairman of the Board.